Portland, OR, Dec. 02, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global waste management equipment market was pegged at $45.75 billion in 2019, and is anticipated to reach $55.63 billion by 2027, growing at a CAGR of 4.1% from 2020 to 2027.
Surge in urban population, increase in the amount of waste generation, strict government regulations drive the growth of the global waste management equipment market. In addition, increase in environmental awareness toward industrial waste recycling supplements the market growth. However, high installation investment hampers the market growth. On the contrary, high potential in the developing countries would open lucrative opportunities in the future.
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Covid-19 scenario:
- Several companies in the industry have temporarily closed their businesses to curb the spread of infection.
- The lockdown across several countries has disturbed supply chain of waste management equipment across the globe.
- The lack raw materials and shortage of workforce have affected the manufacturing of waste management equipment.
The global waste management equipment market is segmented on the basis of product type, waste type, application, and geography. Based on product, the market is divided into waste disposal equipment and waste recycling & sorting equipment. The waste recycling & sorting equipment segment is projected to portray the highest CAGR of 4.4% during the forecast period. Moreover, the segment held the lion’s share in 2018, accounting for more than half of the market.
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On the basis of waste type, the market is categorized into hazardous and non-hazardous. Based on application, the market is classified into industrial waste, municipal waste, and others. The municipal segment is anticipated to register the highest CAGR of 4.4% from 2020 to 2027. However, the industrial segment held the largest share in 2019, accounting for more than half of the market.
The global waste management equipment market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across LAMEA is estimated to register the highest CAGR of 4.8% during the forecast period. However, the market across Europe held the largest share in 2019, contributing to more than one-third of the market.
The global waste management equipment market report includes an in-depth analysis of the major market players such as Recycling Equipment Manufacturing, Inc, Dover Corporation, Tomra Systems ASA, Blue Group, KK Balers Ltd., Shred-Tech Corporation, Morita Holding Corporation, CP Manufacturing, Inc., Wastequip, LLC., and McNeilus Truck and Manufacturing, Inc.
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